Application provides ServiceNow users with turnkey infrastructure automations published in the Itential Automation Platform

ATLANTA and AMSTERDAM (PRWEB) February 06, 2023

Itential, the leader in hybrid cloud network infrastructure automation and orchestration, today announced at Cisco Live EMEA 2023 the release of its new certified ServiceNow application, available today in the ServiceNow store. The application simplifies the consumption of network infrastructure automations by providing ServiceNow users with a turnkey method to run automations that enables cloud-like service delivery for infrastructure changes.

"IT organizations are consistently pushed to more efficiently deliver network and infrastructure services and to provide a more cloud-like experience to end users," said Chris Wade, CTO of Itential. "Itential's new ServiceNow app provides an out-of-the-box experience for discovering available Itential automations for ServiceNow users and enables ServiceNow teams to leverage Itential's Network API to deliver self-service, on-demand infrastructure services."

Itential's low-code automation platform provides network and IT teams with the ability to rapidly build and run automated workflows for managing the deployment, configuration, and change process across hybrid, multi-cloud infrastructure. Its API-first approach enables easy integration with any IT systems, network technologies, automation tools, custom-built scripts, and CI/CD pipelines and toolchains for end-to-end network automation.

Itential's existing ServiceNow integration enables network teams to build workflows that include common ServiceNow tasks, such as opening and updating tickets. With the new Itential ServiceNow app, IT organizations can access their automations directly from the ServiceNow platform, completing complex requests faster, increasing efficiency, and reducing overall IT backlog. For ServiceNow users managing change requests and incident tickets, they can run published network automations to complete those tickets and close them out efficiently.

Additional key features of the Itential ServiceNow app include:

• Codeless integration that enables ServiceNow users to run network and infrastructure automations published in the Itential Automation Platform.
• Dynamic discovery within ServiceNow of newly published automations in the Itential Automation Platform.
• Simplifies the process to scale the use of infrastructure automations to any ServiceNow user.
• Provides a concise way to deliver self-service and end-to-end automation, reducing manual ticket churns.

To learn more about the Itential ServiceNow app, click here, and to register for our upcoming live webinar and product demo, click here. Cisco Live EMEA 2023 attendees are invited to visit the Itential team at booth #C03.

About Itential
Itential provides powerful network automation and orchestration software to companies worldwide, from Fortune 500 telecommunications and financial service companies, public sector and federal government agencies to enterprises of all sizes. We are committed to building world-class products that accelerate the move toward software-driven networks and next generation, agile network operations. We are exclusively focused on delivering network automation solutions that help our customers realize their vision of digital transformation. Our solutions leverage the latest thinking, open standards, open architectures, partners, and best practices to drive network operations and maximize the impact of automation.

To learn more about Itential, visit http://www.itential.com.

For the original version on PRWeb visit: https://www.prweb.com/releases/itential_debuts_servicenow_application_to_enable_cloud_like_service_delivery_for_infrastructure_changes/prweb19142225.htm

The report examines demand and supply side aspects driving the global ServiceNow Store Apps Market , as well as Market dynamics affecting the Market throughout the forecast period, such as drivers, constraints, opportunities, and future trends. After assessing political, economic, social, and technological aspects affecting the worldwide ServiceNow Store Apps Market in various regions, the research delivers a comprehensive PEST analysis for all different regions across the country.

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The report endeavours to offer a 360-degree analysis of the global ServiceNow Store Apps Market on the back of an insightful study of the prevailing demand and supply trends, important fiscal statistics of major players sustaining in the market, and the influence of latest economic advancements on the market. Developments in each geographical region is charted using authentic historical data with a view to help gauge the future trajectory of the market across the globe. SWOT analysis is conducted to identify the strengths, weaknesses, opportunities, and threats that these companies forecast to witness during the forecast period.

By product, the market can be split into

By Application, the market can be split into

Top Company Profile

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The study report offers a comprehensive analysis of ServiceNow Store Apps Market size across the globe as regional and country-level market size analysis, CAGR estimation of market growth during the forecast period, revenue, key drivers, competitive background, and sales analysis of the payers. Along with that, the report explains the major challenges and risks to face in the forecast period. ServiceNow Store Apps Market is segmented by Type, and by Application. Players, stakeholders, and other participants in the global ServiceNow Store Apps Market will be able to gain the upper hand as they use the report as a powerful resource.

This report also covers Analysis based on SWOT Analysis, providing the Strengths, Weaknesses, Opportunities, and Threats for a better understanding of the market. Also, the Porter Five Forces Model for the Global ServiceNow Store Apps Market will be provided.

ServiceNow Store Apps Market: Regional Analysis Includes:

Asia-Pacific (Vietnam, China, Malaysia, Japan, Philippines, Korea, Thailand, India, Indonesia, and Australia)
Europe (Turkey, Germany, Russia UK, Italy, France, etc.)
North America (the United States, Mexico, and Canada)
South America (Brazil etc.)
The Middle East and Africa (GCC Countries and Egypt)

Reasons Why You Should Buy This Report:

• To gain an in-depth understanding of the ServiceNow Store Apps Market
• To obtain research-based business decisions and add weight to presentations and marketing strategies
• To gain competitive knowledge of leading market players
• It gives a pinpoint investigation of changing rivalry elements and keeps you in front of contenders.
• It helps in settling on educated business choices by having total bits of knowledge of the market and by making inside and out an investigation of market sections.

Table of Contents

Global ServiceNow Store Apps Market 2023-2031, With Breakdown Data of Capacity, Sales, Production, Export, Import, Revenue, Price, Cost and Gross Margin

Chapter 1. Report Overview

Chapter 2. Market Snapshot

2.1 Major Companies Overview

2.2 ServiceNow Store Apps Market Concentration

2.3Six-Year Compound Annual Growth Rate (CAGR)

Chapter 3. Value Chain of ServiceNow Store Apps Market

3.1 Upstream

3.2 Downstream

3.3 Porter's & Five Forces Analysis and SWOT Analysis

Chapter 4. Players Profiles

4.1 Company Profiles

4.2 Product Introduction

4.3 Production, Revenue (2023-2023)

4.4 SWOT Analysis

Chapter 5. Global ServiceNow Store Apps Market Analysis by Regions

5.1 ServiceNow Store Apps Market Status and Prospect (2016-2031)

5.2 ServiceNow Store Apps Market Size and Growth Rate (2016-2031)

5.3 ServiceNow Store Apps Market Local Capacity, Import, Export, Local Consumption Analysis (2023-2031)

Chapter 6. North America ServiceNow Store Apps Market Analysis by Countries

Chapter 7. China ServiceNow Store Apps Market Analysis by Countries

Chapter 8. Europe ServiceNow Store Apps Market Analysis by Countries

Chapter 9. Asia-Pacific ServiceNow Store Apps Market Analysis by Countries

Chapter 10. India ServiceNow Store Apps Market Analysis by Countries

Chapter 11. Middle East and Africa ServiceNow Store Apps Market Analysis by Countries

Chapter 12. South America ServiceNow Store Apps Market Analysis by Countries

Chapter 13. Global ServiceNow Store Apps Market Segment by Types

Chapter 14. Global ServiceNow Store Apps Market Segment by Applications

Chapter 15. ServiceNow Store Apps Market Forecast by Regions (2023-2031)

Chapter 16. Appendix

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COMTEX_424539043/2582/2023-02-15T08:30:13

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ServiceNow's (NOW -3.24%) stock rose 3% on Jan. 26 after the cloud-based digital workflow services provider posted its fourth-quarter earnings report. Its revenue rose 20% year over year to $1.94 billion, which matched analysts' expectations, while its adjusted earnings increased 56% to $2.28 per share and cleared analysts' estimates by $0.26.

Those headline numbers seem sound, but is ServiceNow still a worthwhile investment in this challenging market for high-growth tech stocks? Let's review its growth rates, near-term challenges, and valuations to decide.

A recession-resistant business model

ServiceNow's services enable companies to streamline their unstructured work patterns into automated workflows. Doing so can enable an organization to expand its business efficiently, reduce its operating expenses, and strengthen its support for hybrid and remote workers. Its business model is naturally insulated from macroeconomic headwinds, since economic downturns often force companies to streamline their businesses.

But ServiceNow hasn't been immune to the strong dollar. On a constant currency basis, its revenue rose 25.5% year over year in the fourth quarter. This was 550 basis points higher than its reported growth. However, that gap might gradually narrow this year if interest rates stabilize and the dollar weakens against other currencies.

The most bullish numbers from ServiceNow's Q4 report

On a constant currency basis, ServiceNow's subscription revenue (which accounted for 96% of its top line) rose 27.5% year over year in Q4. That represented a slight slowdown from its 28.5% growth in the third quarter, but two other key growth metrics -- its constant currency growth in current remaining performance obligations (cRPO), or the revenue it expects to recognize from its existing contracts over the next 12 months and higher-value customers with an average contract value (ACV) of over $1 million -- both accelerated in Q4.

Data source: ServiceNow. YOY = Year-over-year. *Constant currency.

The acceleration, which occurred as many other cloud-based software companies grappled with slower enterprise spending, supports the bullish notion that ServiceNow's business model is evergreen. Its high renewal rate -- which remains at around 98% -- also indicates that the challenging macro headwinds aren't driving away its existing customers.

The adjusted gross margin of ServiceNow's subscription business rose by a percentage point year over year to 86% in 2022, which suggests it still has plenty of pricing power against comparable "digital transformation" peers like Salesforce (CRM -1.75%), Atlassian (TEAM -3.49%), and Workday. Its adjusted operating margin also increased by a percentage point to 26%, which indicates that economies of scale are kicking in as many other cloud companies struggle to break even.

It expects a slight slowdown in the first quarter

ServiceNow ended 2022 on a high note, but it expects a slight slowdown this year. For the first quarter of 2023, it expects its subscription revenue to rise 25% to 25.5% in constant currency terms, for its cRPO to increase 24% on the same basis, and for its adjusted operating margin to dip to 24%.

For the full year, it expects its subscription revenues to rise 23.5% in constant currency terms. It expects its adjusted subscription gross margin to dip two percentage points to 84% as it ramps up its investments, but for its adjusted operating margin to hold steady at 26% as it optimizes its sales and marketing expenses. During the conference call, ServiceNow CFO Gina Mastantuono said the company had "prudently factored in the evolving macro crosswinds" into its 2023 guidance, which indicates the company is resistant -- albeit not immune -- to the macro and geopolitical challenges.

Analysts expect ServiceNow's reported revenue and adjusted earnings to rise 21% and 19%, respectively, in 2023. That outlook is bright, but a lot of that growth has already been baked into ServiceNow's stock at 49 times forward earnings and 11 times this year's sales. By comparison, Salesforce -- which is growing more slowly than ServiceNow -- trades at 27 times forward earnings and five times this year's sales. Atlassian -- which is generating stronger sales growth but much weaker earnings growth -- trades at 116 times forward earnings and 12 times this year's sales.

ServiceNow is still worth buying

ServiceNow's outlook wasn't perfect, but it still plans to generate over $16 billion in revenue in 2026, which implies its top line will expand at a compound annual growth rate (CAGR) of at least 20.7% from 2022 to 2026. That rosy long-term forecast, along with the resilience of its core business, suggests ServiceNow's stock deserves to trade at a premium valuation -- and that it could still generate much bigger gains over the next few years.

Leo Sun has positions in Salesforce. The Motley Fool has positions in and recommends Atlassian, Salesforce, ServiceNow, and Workday. The Motley Fool has a disclosure policy.

The financing comes as cybersecurity startups have seen a contraction in late-stage funding. Snyk, which focuses on making it easier for software developers to build security into their cloud-based applications, last month announced a $196.5 million Series G investment led by the Qatar Investment Authority at a $7.4 billion valuation—about a 12% decrease from its prior funding in September 2021.

While the cybersecurity funding slowdown follows a broader downturn in the public markets, Chris Bedi, ServiceNow’s chief digital information officer, said the software maker sees “significant market opportunity as enterprises continue to rethink their security practices.”

As part of the investment, Snyk will integrate its open-source risk-management tool and vulnerability database, which compiles data and fixes for open-source and container vulnerabilities, with ServiceNow’s software platform, said Snyk Chief Executive Peter McKay.

ServiceNow, which develops software for companies to manage and automate their business applications, has offered security products since 2015 but was seeking a solution to address growing cybersecurity vulnerabilities in open-source code, which developers regularly reuse to write their own applications, Mr. Bedi said.

Such risks in open-source code were thrust into the spotlight in 2021, when a flaw in the widely used Log4j framework left companies and government organizations scrambling to address a glaring cybersecurity threat to global computer networks.

“Security is a team issue that requires developers, security and IT professionals to work together,” Mr. Bedi said. With the ability to develop and release software a competitive differentiator for businesses, he added, there is an increased pressure on “security practices to evolve.”

The cybersecurity risks in software development were also made apparent during the pandemic, when developers could be working remotely in compromised environments, said Mark Horvath, an analyst focused on cybersecurity at research and consulting firm Gartner Inc.

In the last five years, CISOs and CIOs have become more receptive to letting software developers choose the security tools they prefer to use, especially in cloud-computing environments that can be open to a more complex array of cyberattacks than on-premises systems, Mr. Horvath said.

Other application security firms including Veracode Inc., Contrast Security Inc. and Checkmarx Ltd. are similarly targeting software developers—betting that those engineers will have more of a say in which tools technology executives choose to buy, said Jim Mercer, a developer security analyst at International Data Corp. 

Snyk also has brokered deals with other technology firms like business-productivity software maker Atlassian Corp. and Salesforce Inc., both of which have previously invested in the startup, Mr. McKay said.

By offering its vulnerability database as a tie-in to those companies’ platforms, Snyk has made a case for helping them break into the application security market, Mr. Mercer said. Even when cybersecurity and IT budgets are more constrained, companies will still invest in application security, he added.

The integration between ServiceNow and Snyk is also further evidence of what some analysts call the “platform” approach to IT and security, as CIOs and security leaders seek a single source for their IT and security data. “Vendors are starting to talk with each other more often and being able to exchange data,” Mr. Horvath said.

Snyk will use the capital from ServiceNow to help the company in its goal of becoming cash flow break-even by 2024, Mr. McKay said. The eight-year-old startup cut 14% of its workforce last year and now has over 1,000 employees, according to Mr. McKay.

Write to Belle Lin at belle.lin@wsj.com

Corrections & Amplifications
Chris Bedi is the chief digital information officer of ServiceNow Inc. An earlier version of this article incorrectly gave his title as chief information officer. (Corrected on Jan. 24)